Governance, regulation and financial market instability: the implications for policy
认为当前金融危机源于治理失灵，该失灵根植于1929年股市崩盘以来政治、经济与理论的共同演进，但当前背景与1929年不同，需从更近的事件中寻找危机成因与政策启示。
Just as the 1929 Stock Market Crash discredited Classical economic theory and policy and opened the way for Keynesianism, a consequence of the collapse of confidence in financial markets and the banking system--and the effect that this has had on the global macro economy--is currently discrediting the 'conventional wisdom' of neo-liberalism. This paper argues that at the heart of the crisis is a breakdown in governance that has its roots in the co-evolution of political and economic developments and of economic theory and policy since the 1929 Stock Market Crash and the Great Depression that followed. However, while many are looking back to the Great Depression and to the theories and policies that seemed to contribute to recovery during the first part of the twentieth century, we argue that the current context is different from the earlier one; and there are more recent events that may provide better insight into the causes and contributing factors giving rise to the present crisis and to the implications for theory and policy that follow. Copyright The Author 2010. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.